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FAST FACTS AFRICA: A quick reference guide to the state of mining in the sub-Saharan countries
July 15, 2014 - 14:37 GMT
What is the state of the mining industry in sub-Saharan Africa, and what are the prospects for these countries? Metal Bulletin's Fast Facts Africa series will present overviews of West, Central, Eastern and Southern Africa over successive days.
The average growth rate for the African continent in 2013
was about 4%, which compares with a global growth rate of 3%.
Growth in sub-Saharan Africa was 5% in 2013 and is projected to
be 5.8% in 2014, going up to 6% and beyond in 2015.
East and West Africa were the fastest growing regions on
the continent in 2013, recording growth of 6% and above.
The continent’s medium-term growth prospects look
good too, according to the African Economic Outlook 2014
report, compiled by the African Development Bank,
Organisation for Economic Co-operation and Development
(OECD), and United Nations Development Programme (UNDP).
Mining plays an increasingly important role in the development
of Africa’s economies. However, investment in
African industries, such as mining, requires countries to
provide reasonable certainty on the stability of political,
legislative and regulatory environments.
African countries have major challenges to preserve political
and social stability to incentivise investors to commit capital
to projects on the continent.
Sustaining high growth, making the benefits of the growth
inclusive, and reducing poverty in African countries will
contribute to political and social stability.
Governments can speed progress through prudent
macroeconomic policy, and increased access to key services,
such as education, while also improving the regulatory
environment for the private sector.
Metal Bulletin's quick-reference guide to Africa
furnishes the background details for all
the prominent mining countries.
Today: West Africa
Wednesday: Central Africa
Thursday: East and Horn of Africa
Friday: Southern Africa
To view all of Metal Bulletin's Fast Facts Africa briefings, click here.
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